Chapter 11

Under the common law a contract cannot be formed until an offer is clearly excepted under UCC

A contract "may be made only in the presence of a judicial offer"

Contracts under article two of the UCC include

A load of wheat

The UCC defines goods as

All things that are moveable at the time of identity the contract for sale

Under the common law an acceptance cannot deviate from the terms of the offer without being considered either a rejection or counter offer under UCC article 2

An acceptance is valid when the parties intend to form a contraxt

UCC article 2 has been adopted

By 49 states

CISG

Does not contain a statue of frauds provision so that either oral or written contracts in international markets may be enforceable

Roberta says "Susan, I will sell you my car for $5,000." Susan says, "I'll give you $4,500." Roberta says "No." Later Susan calls Roberta and says, "I have $5,000 and want the car." Roberta:

Does not have to sell the car to Susan due to the counteroffer, which is a rejection

The seller's basic obligation under the UCC doesn't include

Financing the purchase of conforming goods

Under the UCC a merchant is not one who

Has an internet site that links to sellers of multiple goods

The UCC defines good faith dealing as

Honest in fact the conduct or transaction incurred

If the buyer relies on the seller's skill or judgment to select the goods for that purpose, an _____ that the goods are suited for that purpose is created

Implied warranty

If a county has adopted the United Nations convention in the recognition and enforcement of foreign arbitrator awards then

It's courts are bound to recognize and enforce arbitration decisions that have followed proper procedures

The UCC article two does not cover the sell of

Land

A computer store that one of HJ's friends owned went broke. HJ bought some disk drives from the friend. HJ sold the equipment. Some buyers are mad bc the equipment has problems. HJ told them no refunds. If buyers sue hun based on the UCC they are likely to

Lose bc HJ does not regularly deal jn these goods

A " reasonable price"

May or may not be "fair market value"

Under UCC article 2 terms regarding payment deliver and price are

Not necessary for the formation of a contract

With respect to patrol evidence and the UCC

Oral evidence may be used to explain trade dealings

Under the common law contract modification must be supported by new consideration to be binding on the parties. Under UCC

Parties need not provide new consideration to modify an existing sales contract

The CISG applies to contracts for commercial sale of goods made by parties who have ______ in different countries that have ratified the CSIG

Places of business

An express warranty may be created by Al but which of the following

The guarantee that buyer reasonably expects for the product

If the parties to a sell under the UCC do not specify when the title to the goods passed then assuming goods have been shipped the title passes to the buyer when

The seller completes all obligations regarding the delivery

If the parties to a sell under the UCC do not specify when the title to the goods passes then assuming the goods didn't have to be moved the title passes to the buyer when

The seller delivers the title docs

By definition a sale under article two of the UCC requires that

Title to the goods pass from the seller to the buyer and that a price be paid for the hood

The sellers basic obligation under the UCC is to

Transfer and deliver goods that conform to the contract the the butwr

A contract can be formed under article 2 of the UCC even if some of the offers major terms are omitted or simply left open for determination later

True

After a buyer breaches a contract for the sale of goods the seller can resell the goods to another buyer

True

The UCC requires less formality than does the common law of contracts

True

A _____ is a statement of representatation made by a seller that goods conform to certain standards of quality, safety, performance, and title

Warranty

A warranty title means

a seller is the rightful owner of the goods being sold

The UCC modifies the common law perfect tender rule by

allowing the buyer to accept less than the entire shipment

A good is tangible if

can be seen and touched

In international contracts for the sale of goods

concerns about differences in contract rules can be managed by use of the CIS

A _____ is created by a sellers promise or guarantee as to the quality, safety, performance, or durability of goods being sold

express warranty

An attached interest means:

the customer has transferable rights in the collateral and has signed the debt instrument

If a good has been stolen and is then sold to an unsuspecting buyer

the good title does not pass to the buyer